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I agree with Ramdas.
See how all SMA's are crowded.. Not safe setup.
No TP's on 5 mins available. One can always go for higher TF. In this case GBPUSD is hanging on 2400 SMA on 15 TF. It held more-less last couple of days..
More interesting setup was i think this morning on EURJPY.
I would like to see these kind of setups more often.
Price was slightly going up in waves, finding support on 300 SMA.
After it broke 600 SMA, I want to jump in on first sign of retracement.
TP is at 2400 SMA. And that's what happend.
Hope to be more ready next time.
Hi endy,
E/J good logical trade, Funny thing is price has gives respect to sma, some times check Linechart. many times price movement apears good on line chart..SMA5 shows quite good pattern.
Hi Ramdas and all,
you are probably aware of this, but maybe for others this will be useful:
As you mentioned many times, it is important to somehow see, what is the cause of movement of currency pair.
In case of EURUSD/GBPUSD/USDCHF (and even USDJPY), usually the USD appreciation/depreciation is the safest way to enter trade.
In other words, if you note that EURUSD/GBPUSD are getting lower and USDCHF is getting higher, and if the MA configuration is favourable, the move most likely will last longer, hence giving us good and "safe" trading oportunity.
Now, you can see this by looking at all those pairs simultanously, or you can use USDX index. The index measures strength of USD dollar based on the movement of USD cross pairs.
Addition of each pair to this index is based on economic strength of currencies being compared (naturally 10 pips movement of EURUSD is different thing than 10 pips of USDCHF (and not only of value of pip)).
Indicator can be attached to any currency pair (as it will look the same), it will firstly load required data of all needed currency pairs and calculate the index.
I attached to the indicator window 50SMA just to see relative position of the index. It has nothing to do with Ramdas's setup.
I am attaching situation from today and also the indicator.
Amazing..
On some other forum, I saw very good MACD 4H method. That thread has now more than 4000 posts.
As people got handle on it, they asked the author if he is not from some other planet (because they learned how to use his system), are you ?
Attached chart shows GBP/JPY 1min chart and 5min chart.
1min chart shows price movement which is mark with rectangle on 5min chart.
Such examples shows, how pips Potential exist.
This is Tokyo morning session, with no major news release and price moves on technical. as the day advances price start making more movement depending on news and daily demand supply for all type of money--- real money , exporter, importer, Daily fix..... .
it's important to understand when to look for opportunity, taking trade on wrong time makes you depress and result in overlook of real opportunity.
These are all small point but makes big differance in trading.
Attached chart shows GBP/JPY 1min chart and 5min chart.
1min chart shows price movement which is mark with rectangle on 5min chart.
Such examples shows, how pips Potential exist.
This is Tokyo morning session, with no major news release and price moves on technical. as the day advances price start making more movement depending on news and daily demand supply for all type of money--- real money , exporter, importer, Daily fix..... .
it's important to understand when to look for opportunity, taking trade on wrong time makes you depress and result in overlook of real opportunity.
These are all small point but makes big differance in trading.
Attached chart shows GBP/JPY 1min chart and 5min chart.
1min chart shows price movement which is mark with rectangle on 5min chart.
Such examples shows, how pips Potential exist.
This is Tokyo morning session, with no major news release and price moves on technical. as the day advances price start making more movement depending on news and daily demand supply for all type of money--- real money , exporter, importer, Daily fix..... .
it's important to understand when to look for opportunity, taking trade on wrong time makes you depress and result in overlook of real opportunity.
These are all small point but makes big differance in trading.
Best Regards
Ramdas
Hi there,
What a great job you have here.... one question from me, how do you determine which ma cross to entry coz for what that i've seen there's a lot of 50ma cross before the big moves started..
A helpful preemptive look ahead using Double Woodies
Try Double Woodies on the chart using Ramdas settings and then add the 100 lines to watch for entries. This will help visualize price movement and better establish a possible move, albeit shorter or longer term.
Finally, on your chart add your favorite indicators to "smooth out" choppy price movement and voila.
Hi there,
What a great job you have here.... one question from me, how do you determine which ma cross to entry coz for what that i've seen there's a lot of 50ma cross before the big moves started..
Thanks,
Ejo3s
Hi ejo3s,
First be clear, system is NOT based on SMA Crosses. Cross from late after movement. we use SMA as support and resistance.
Refer attached chart. Price form double bottom, and started going above sma50 and sma150 combinaton. refer second mark rectangle, here we are ready for going long on any dip to SMA150, or SMA50 with stop just below sma150 which is support. refer UP pattern which is mention in this thread.
You can see in attached chart what price has done. first price tested sma600 where some profit booking happen, and again price move higher and sma600 acted as support point.
each day some pair forms good UP or Down pattern. we need to watch which pair forming UP or down patterns. some day one pair goes in consolidaion and we keep watching that pair and ignore other pair
if you feel lost without any indicator on chart then.. In previous post COT trader has given nice setup with Double woodies
Best Regards
Ramdas
Last edited by ramdas; 05-14-2007 at 03:22 AM.
Reason: Chart uploaded
I hope you are enjoying.
Attached chart show EUR/USD and EUR/JPY, You can observe sell pattern formation on both pair, and further fall. you can see before fall, E/U tested SMA2400 and we can see price rejection from sma2400 area and price prepared for fall.
It's important to read clues of what price preparing for . price test some area for possible sell or buy orders. we are not suppose to go against Big Boy orders, If Reserve Bank of particular currency want price to be maintain in particular price band then they will maintain it and give other to play in that price band, where exporter and importer will keep doing there job of settlement’s of real money. Remember we as a trader are not concern about price levels, But Importer's and Exporter are concern and Reserve Bank.
New trader might find this post useless. But experiance trader know what this post is.
Those who want to know what happen yesterday why eur/usd fall, they can PM me, I am avoiding to post it in public forum.
Mr Ramdas this is good
to read a clue ... nice chart also
i miss this... only wait for the cross n find the retracement
thank for the good explanation...
i hope i can master this simple setup
nice info
Linear Mode
